DOF Privatization and Management Office to sell 44 properties

MANILA, Philippines — The privatization arm of the Department of Finance (DOF) is planning to sell 44 properties nationwide for a minimum bid price of P75.98 million in the next four months.

In a notice posted on its website, the Privatization and Management Office (PMO) said it is offering for sale through public auction on an “as-is, where-is” basis 44 properties with a combined land area of 66,621 square meters.

According to the PMO, two properties in Tanay Rizal, and another in Quezon province are set to be auctioned off on Nov. 28.

Eight lots located in Quezon City, Marikina City, Las Pinas City, Cainta, Rizal, Antipolo City and San Mateo, Rizal are also scheduled for public bidding on Dec. 12.

The sale of an asset in Quezon City and two in San Pedro, Laguna will be held on Dec. 13, while the public auction for 11 in Lopez, Pagbilao and Lucena, Quezon, is scheduled on Jan. 18, 2019.

The remaining 19 properties, all located in Camarines Norte, will be sold on Feb. 4, 2019.

The minimum bid price for the properties are prescribed in the notice.

“The prices are payable in cash or in the form of a bank manager’s check, and exclusive of any and all taxes. All taxes, fees and expenses pursuant to or in relation to the sale of the properties shall be borne by the buyer,” the PMO said.

Interested buyers may pay the participation fee and acquire the bidding package, which includes the authenticated asset specific bidding rules (ASBR), and the asset specific catalogue.

Those who have been issued the bidding package may conduct a due diligence audit of the properties they want to buy until the day immediately preceding the bid submission deadline for the relevant property.

“Bidders must comply with the requirements provided in the ASBR, and shall be required to submit a bid deposit equivalent to at least 10 percent of the bid price indicated in the ASBR,” the PMO said.

The DOF’s privatization arm will evaluate the highest qualified financial bid, subject to the approval of the Privatization Council prior to any awarding. Full payment of the purchase price for the relevant lot should be made within the specific periods from receipt of the award notice.

After the successful privatization of state assets, the PMO is required to remit all receipts from the sale of the properties to the Bureau of the Treasury, expect portions for reimbursable custodianship or operational expenses.

PMO said it reserves the right to reject any or all bids, or to waive any defect or required formality therein, and to accept the bids considered most advantageous to the national government.